Expert Calls for Taskforce Over $300bn Unaccounted Crude Oil Revenue in Nigeria

Energy expert Abdulrazaq Hamzat advocates for the establishment of a multidimensional energy account task force in Nigeria to tackle the alarming breakdown in the country's energy governance system, following the revelation of $300 billion in unaccounted crude oil revenue. Hamzat emphasizes the need for structural and technological reforms in Nigeria's oil value chain to address massive revenue leakages and enhance energy security.

He proposes the creation of a national coalition of experts and institutions to restore transparency and trust in Nigeria's oil and gas sector through comprehensive audits and the deployment of advanced technologies like blockchain and artificial intelligence for real-time monitoring. The situation underscores economic injustice and insecurity in Nigeria's energy sector, leading to social crises and disillusionment among citizens.